Opinion on Potential Property Acquisition for Fix and Flip
Hello All,
I have come across a property in Los Angeles County, California. I have been running the numbers and it seems to be pretty promising. I was wondering if anyone would be willing to provide their opinion on this property and if it would seem to be a sound investment?
The property is a Short Sale.
PP-$275K
ARV-$410K - $430K (most recent comp sold for $457K 2 weeks ago)
Estimated Rehab Cost - 60K (unable to walk the property until the offer is accepted)
Holding Cost - $1200 Per Month (6 month estimated hold)
Buyers Closing Cost - 3%
Seller Closing Cost - 3%
Realtor Commission - 5%
I am looking to get the loan from a private investor and will be looking for the loan to cover purchase, rehab and holding cost.
This is my first attempt at a purchase so any help would greatly be appreciated!
Thanks,
Armen